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China’s slowdown is taking its toll on the country’s super-successful casino strip.
Indeed, gaming stocks have hit a losing streak in reaction to recently weak China data.
And there could be a shock factor for Macau.
This month could herald an unusual slowdown in the ferocious pace of gaming revenue growth. That’s partially because it’s coming off a high base, with fresh casinos coming on-line.
Asia’s casino party is also diversifying outside Macau. Gaming tycoons are building mega resorts everywhere, from Vietnam to the Philippines to Singapore.
But another major headwind is that bad loans in China have cut into VIP demand, with high rollers less willing to make big bets.
Most analysts agree that the overall sector is likely to remain strong long term, despite slower growth. But as China’s economy worsens, buying into Asia’s casino sector is becoming a riskier bet.